Redding CA First Time Home Buyers

Why Is this a good time to buy?

With home prices continuing to decline and foreclosed homes on the rise, 2008 is THE YEAR to buy your first home. As a first time home buyer, you should know that there are many factors that lean in your favor.  Let me explain:  As I write this article, the National Average Mortgage Rate for a 30 year fixed is 5.87% and a 15 year fixed at 5.43%, we thought 6.5% was LOW.  What does that actually mean?  It means "lower mortgage payments" plain and simple.  The lower the interest rate on your loan (assuming you'll be borrowing a loan)  the lower your monthly payment will be.  You may be able to qualify for a loan program with manageable monthly payments giving you the opportunity to finally be a Home Owner! If you are tired of renting, living with roommates and have the desire to buy a home - this may be the time! Below are a few basic steps for you to be aware of:

Step 1:  Get qualified for a loan

We recommend you talk to an experienced lender who will analyze your financial situation and ability to buy.  This lender will help you determine what loan program is best suited for you.  With loan programs and interest rates constantly changing, you want to talk to someone reputable and trustworthy.  

Step 2:  Work with a Realtor

Hire a Buyer's Agent to help you find a home that will meet your needs.  By working with a buyer's agent, you will have full representation when you're ready to submit an offer. It doesn't cost you anything to hire an agent. Look for someone who is competent, experienced and who will tell you the truth about a specific property, neighborhood, etc.  Remember, this is your first purchase, having a skilled Realtor as your helper is critical. The Realtor will negotiate the offer and manage the escrow until you take possession of the home.  The California Purchase Agreement can be extensive, hard to understand and stressful, let the professionals take care of this part.  

Step 3:  Be Aware

It is very likely that you will hit a few snags on the way to closing - most people do. However, if you keep your head clear, you will be able to work with the right people to resolve any issues that come up and the transaction will end up smoothly. There are many details to keep track of, so remember not to over react if something goes wrong, and every problem has a solution. Ask all the questions you need to and whatever you do, DO NOT SIGN anything you don't understand. You must be comfortable with your Lender and Realtor; there must be a mutual level of trust and confidence. 

We are here to provide you with reliable information and Premier Service Standards. We go beyond just finding you the right home, we look after your best interest! Contact us anytime with your questions at (530) 510-8880 or mjeantet@repgmac.com.

Chris & Maria Jeantet, Real Estate Professionals, GMAC - 230 Hartnell Avenue, Redding CA 96002